According to the SEC's complaint, Gilman also happened to be
presenting the Phase II Trial of the drug, and shared the
information he had with Martoma over the phone and through a
confidential Power Point presentation on the product.

The WSJ reports that Cohen is mentioned in
this whole case either as 'owner' or 'Portfolio Manager A' (PMA),
and there are some passages in the complaint that put him
very close to the action. For example, when Gilman found out that
th trial wasn't going to work, the SEC alleges that he told Martoma to sell ASAP.

Martoma then relayed that message to Portfolio Manager A, and PMA
sold the stocks in a hurry.

The complaint also says that it was 'Portfolio Manager A' who
wanted to keep the trades on Wyeth and Elan Corporation a secret
within the hedge fund.

From the complaint:

For it's part, SAC says that is cooperating with authorities
(from Forbes):

“Mr. Cohen and SAC are confident that they have acted
appropriately and will continue to cooperate with the
government’s inquiry,” an SAC Capital spokesman said in a
statement.

Now, despite the fact that a number of SAC Capital subsidiary
hedge fund managers have been charged and/or convicted for
insider trading for the past few years, Cohen has never been
accused of anything.

NY Mag's Kevin Roose points out that this is because of the
way SAC operates. It's a confederation of little hedge funds all
under the direction of Cohen (ultimately).

But since each hedge fund fiefdom has its own hedge fund manager
Lord, it hasn't been hard for Cohen to argue that he doesn't
necessarily know everything that's going on in the SAC Capital
universe.